- New Whiskey distillation company plans to raise funds via cryptocurrency.
- It expects to begin full operation in the next three years.
Besides being used to facilitate payment digitally, cryptocurrencies can also be used by new and existing companies as an option for raising funds from public investors. Similarly, a new Whiskey distillation company, Faer Isles, is considering using digital currencies as an option to raise funds from the public in order to spearhead the completion and operations of its factory.
First Whiskey distillery crypto fundraise
According to the information on Friday, the company is still under construction, and it’s establishing a factory in Kvívík on the Faroe Islands, which is expected to serve as a Whiskey distillation factor, support warehousing facilities, as well as a special center for visitors. The company expects to commence full production on the stated site in the next three years.
The new Whiskey distillery precisely plans to drive-in funds from the public through two options, the formation of its Founders Club and issuing a crypto-backed security token offering (STO). Through the first option, interest investors are entitled to premium services from the Whiskey distillery as they finance the company with a certain amount.
Cryptos for crowdfunding
Additionally, the company intends to offer the members its first product and other exclusive packages. Meanwhile, the funds garnered from this particular option will be utilized to begin the commercial production, per the report. For the cryptocurrency option, Faer Isles notes that the tokens will be issued to the public later this year. The capital raised through the cryptocurrency will be used to operate the Whiskey distillery in full-scale.
These tokens represent the shares of the company, according to the report, and will be available for the interested investors to purchase via Digishares. Interestingly, it can equally be bought through cryptocurrencies. This reportedly makes the company the first-ever Whiskey distillery seeking financing through cryptocurrencies.